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60
The Company and its domestic subsidiaries are subject to
Japanese national and local income taxes which, in the aggregate,
resulted in a normal effective statutory tax rate of approximately
40.4% for the year ended March 31, 2005 and 41.7% for the years
ended March 31, 2004 and 2003.
On March 31, 2003, a tax reform law was enacted in Japan
which changed the normal effective statutory tax rate from
approximately 41.7% to 40.4%, effective for years beginning
April 1, 2004. The effect of this change on deferred taxes in the
consolidated statements of income for the year ended March 31,
2003 was a decrease of approximately ¥94 million.
No. 11 INCOME TAXES
The tax effects of significant temporary differences and loss carryforwards which resulted in deferred tax assets and liabilities at March 31,
2005 and 2004 were as follows:
Millions of Yen Thousands of U.S. Dollars
2005 2004 2005
Current:
Deferred tax assets:
Inventories—intercompany unrealized profits ¥1,711 ¥1,604 $15,991
Accrued bonuses to employees 1,529 1,410 14,290
Accrued enterprise taxes 692 1,201 6,467
Accrued expenses 498 171 4,654
Inventories—loss on write-down 455 4,252
Amortization of goodwill 285 1,493 2,664
Other 1,331 1,187 12,439
Total ¥6,501 ¥7,066 $60,757
Non-current:
Deferred tax assets:
Amortization of goodwill and property, plant and equipment ¥1,876 ¥2,069 $17,533
Loss on impairment of long-lived assets 862 824 8,056
Loss on closure of plant in the fiscal year 510 4,766
Allowance for doubtful receivables 117 182 1,093
Other 624 859 5,832
Total 3,989 3,934 37,280
Deferred tax liabilities:
Reserves for special depreciation and other 700 756 6,542
Other 191 166 1,785
Total 891 922 8,327
Net deferred tax assets ¥3,098 ¥3,012 $28,953